U.S., Morocco agree on customs transparency

The U.S. and Moroccan governments Thursday signed a Trade Facilitation Agreement with a focus on improving transparency of customs practices between the two countries.
The agreement, which builds on the United States-Morocco Free Trade Agreement (FTA), includes provisions covering Internet publication, transit, transparency with respect to customs penalties, and other issues that will further boost Morocco’s competitiveness and benefit its trade environment.
“Morocco is the first country in the region to conclude a bilateral trade facilitation agreement, as well as to endorse joint principles on investment and information communication technology services trade with the United States. These important initiatives reflect our common commitment to building stronger economic ties with and among the region,” the Office of the U.S. Trade Representative said in a statement.
The two countries also pledged to advance future work under a bilateral action plan aimed at supporting job creation by increasing trade and investment opportunities.
According to USTR, the U.S.-Moroccan economic relationship has grown significantly since the bilateral FTA entered into force in 2006. Overall trade between the United States and Morocco has risen by more than 300 percent, with U.S. exports up 350 percent and Moroccan exports to the United States more than doubling. U.S. foreign direct investment (FDI) in Morocco has quadrupled over the same period, amounting to $613 million in stock investment in 2012.